MEG Energy Corp. (TSE:MEG - Get Free Report) shares reached a new 52-week low during trading on Thursday after CIBC lowered their price target on the stock from C$32.00 to C$28.00. The company traded as low as C$17.00 and last traded at C$21.20, with a volume of 5959740 shares traded. The stock had previously closed at C$18.53.
MEG has been the subject of a number of other reports. TD Securities cut their price target on shares of MEG Energy from C$33.00 to C$32.00 and set a "buy" rating for the company in a report on Friday, February 28th. Scotiabank upgraded shares of MEG Energy to a "strong-buy" rating in a research report on Wednesday, March 19th. Royal Bank of Canada cut their price objective on MEG Energy from C$33.00 to C$31.00 in a research report on Tuesday, January 14th. Desjardins cut MEG Energy from a "buy" rating to a "hold" rating and decreased their target price for the stock from C$29.00 to C$26.50 in a report on Wednesday, March 19th. Finally, National Bankshares upped their target price on MEG Energy from C$27.00 to C$28.00 and gave the company a "sector perform" rating in a report on Thursday, January 30th. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of C$30.35.
Check Out Our Latest Report on MEG Energy
Insider Buying and Selling at MEG Energy
In related news, Director Darlene Miriam Gates sold 91,584 shares of the company's stock in a transaction on Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total transaction of C$2,215,416.96. Also, Senior Officer Erik Alexander Alson sold 32,728 shares of MEG Energy stock in a transaction dated Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total value of C$791,690.32. Company insiders own 0.33% of the company's stock.
MEG Energy Trading Up 1.4 %
The business has a 50-day moving average price of C$22.86 and a 200-day moving average price of C$24.21. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 22.80. The firm has a market capitalization of C$5.02 billion, a P/E ratio of 10.25, a PEG ratio of 0.17 and a beta of 2.89.
MEG Energy Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.07%. The ex-dividend date is Thursday, March 20th. MEG Energy's dividend payout ratio (DPR) is presently 21.19%.
About MEG Energy
(
Get Free Report)
MEG Energy is engaged in in situ oil sands development and production in Alberta, Canada. As of March 2021, the company reported estimated net proved and probable reserves of 2 billion barrels of oil equivalent. Net production averaged 82,000 barrels per day in 2020.
Further Reading
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